A digital asset research company called Delphi Digital has recently made it known that more than 80 percent of Ethereum in circulation is controlled by 7,572 addresses.
7,572 High Networth Ethereum Wallets
The report further made it known that these 7,572 wallets which hold about 80 percent of ETH in circulation have more than 1000 ETH in them. The research conducted by the firm breaks down the total number of addresses by volume of ETH they contain. It was reported that 923 of them hold between 10,000 and 100,000 ETH, and 6,490 addresses hold between 1,000 and 10,000 ETH, four between 1,000,000 and 10,000,000 ETH, and 155 between 100,000 and 1,000,000 ETH.
The report released by the company also mentioned how the price of ETH has dropped over the past hard forks. A total of five hard forks were recorded by the report. The report shows that the market price of ETH has dropped about 19 percent since the first hard fork.
The most recent of the hard forks saw the price of ETH decrease by under one percent. This decline in market value was credited to the reduction in the block reward size from 5 ETH to 3 ETH.
Decentralized Finance Apps
It was also noted that since March 3, more than 2.3 million Ethereum (about 2 percent of the total supply) was present in decentralized finance apps.
A huge portion of these 2.3 million Ethereum, were said to be staked in MakerDAO smart contracts, which permits the creation and destruction of the Maker’s decentralized stablecoin Dai (DAI). The MakerDAO smart contract portion represents 98 percent of the total ETH staked dApps finance apps.
The MakerDAO smart contract is followed by a decentralized lending platform— Compound. This dApp is said to hold around 28,500 Ethereum as of March 3.
The report also highlighted concerns regarding technical risks facing the Ethereum network. This risk includes the alleged centralization of Infura, the infrastructure-as-a-service arm of Ethereum-focused development company ConsenSys.